Insurer’s shareholders to share N1.089 billion dividend

An underwriting firm, Cornerstone Insurance Plc, has declared N1.089 billion as a dividend to shareholders at six kobo per ordinary share of 50 kobos, each for the year ended December 31, 2022 as against N908 million it declared 2021.

This was disclosed at the company’s 31st yearly general meeting in Lagos. The gross premium written rose by six per cent from N20.92 billion achieved in 2021 to N22.25 billion.

According to the chairman of the underwriter, Segun Adebanji, despite challenges during the year in review, premiums from life insurance rose to four per cent, from N5.36 billion in the previous year to N5.62 billion in 2022 and accounted for 25 per cent of the gross premium written.

He said that the largest contributors to general business gross premium written were Aviation, Engineering, and Motor class contributing N3.62 billion, N3.77 billion, and N1.9 billion respectively.

“While net claim expense ratio for the year stood at 27 per cent and continues to trend downward, as the stricter risk acceptance parameters we put in place continue to yield positive results. We ended the financial year with a Profit before Tax of N2.92 billion, which is a drop of 22 per cent from the previous year.

“We will continue to pursue profitable growth opportunities in our core markets while exploring new avenues to expand our business. We will also continue to invest in digital capabilities to provide innovative and personalized services to our customers. Furthermore, we will continue to prioritise sustainability and responsible business practices, as we believe that they are essential to creating long-term value for our stakeholders,” he said.